Baby Boomers Aren’t the Cause of Social Security’s Woes
June 13, 2019
It’s no secret that Social Security has a funding problem. Much of the blame has fallen on the Baby Boomers. The thinking is that the sheer size of the generation is making social security as it currently exists untenable. With 10,000 Boomers turning 65 every day, the system is being drained.
However, a new study has found that this is not the case. According to the Center for Retirement Research, boomers—those born between 1946 and 1964—will actually have paid more into the system than they will receive.
The real culprit for the program’s woes identified in the study were those who lived through the Great Depression. They generally worked fewer years before collecting benefits, meaning that they contributed less than they received. Changes to how the program operates also created “legacy debt” that today’s workers are paying off.